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With Vale embarking on a multi-billion dollar shipbuilding and expansion project - with several newbuilding plans in the pipeline including four 400,000 dwt VLOCs recently ordered from Daewoo Shipbuilding & Marine Enginnering in Korea - it needs to find more liquidity and, say the sources, floating shares in an Asian stock market is the way to achieve this.

Vale is already listed in Sao Paulo, New York, Madrid and Paris, but now believes easier and softer funding will be available from exchanges closer to China. It has not ruled out, but is unlikely to go to, the exchanges of Tokyo and Singapore, said the source.

Apart from the DSME orders, Vale has also ordered 12 VLOCs from China’s Jiangsu Rongsheng yard and also last month ordered four capsize vessels from Sungdong. [01/10/09]